India tops happiness quotient of Banking Customers, says IDC

A new white paper from IDC sponsored by SAP has been published revealing that India scores the highest on the happiness quotient of its banking citizens. Across India, banks are fiercely competing to gain customers and grow their deposits. Additionally, the survey also points out that 30 per cent of Indian customers are phone banking users as it enables them to transact even while they are on a move. The study reaffirms Indian banks’ commitment to growth with their focus to enter new markets, engaging customers in new ways by creating new offerings.

Across India, economic growth, changing demographics, the expanding middle class, and rapid urbanization are disruptive forces which are creating new opportunities for banks with forward-looking leadership. The most successful banks of this decade will be those which use technology to optimize customer experience and create many happy customers through multi-channel banking, utilization of cloud and real time big data analytics,” said Andrew Pitcher, Sr.VP & GM for Financial Services Industries, SAP Asia-Pacific Japan.

The banking industry in the Asia-Pacific region is going through significant changes as competition increases, Gen Y customers adopt banking, and people turn to new devices. After a long crisis that saw the financial industry put extreme focus on risk management and compliance, banks are once again ready to focus on the customer,” said Michael Araneta, Director of Research and Consulting, IDC Financial Insights.

According to the research, the standout factor for Indian customer happiness is a bank’s online services. Customers at smaller Indian banks are happier on average than their counterparts at larger institutions.